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Temasek, Naver Join Golden Gate's New $100 Million Startup Fund

The main skyline of the Central Business District and Marina Bay Sands area in Singapore. (Photo: Getty Images)

By Yoolim Lee

Singapore’s Golden Gate Ventures closed its third fund at $100 million to accelerate investment into Southeast Asian consumer internet startups.

The fund was oversubscribed and anchored by existing backers including Temasek Holdings Pte., South Korea’s Hanwha, Naver Corp. and EE Capital, the firm said in a statement. New investors included Japanese entrepreneur Taizo Son’s Mistletoe Inc. and Korea Venture Investment Corp.

“Southeast Asia’s tech ecosystem has really hit an inflection point with annual investment now measured in billions of dollars,’’ Golden Gate Ventures co-founder Vinnie Lauria said. “Yet there is a youthfulness that reminds me of Silicon Valley before 2005.’’

Its two previous funds have returned 48 percent and 29 percent to date, respectively, according to the company. Mitsui Fudosan Co., IDO Investments, CTBC Group and Ion Pacific Ltd. joined other new investors in its latest fund.